A home often is the most valuable asset that people own, and homeowners insurance is the best protection they can have for it. About 5% of all homeowners filed homeowners insurance claims in 2019, according to Policygenius, but not all of those claims were paid. The following are commonly excluded perils that require additional coverage to fully protect your family home.
External Flooding
Most homeowners insurance policies will protect your home against burst water pipes, ruptured water heaters, and other common sources of internal flooding. When the water comes from outside, though, you need external flood insurance coverage. Only dedicated flood insurance policies will protect against losses that are caused by external flooding.
Wind and Hail Damage
Tornadoes, straight-line winds, and hail can be very damaging to homes and often are excluded from standard homeowners insurance policies. You likely need to purchase additional coverage for wind and hail damage to fully protect your family home against those perils. Without it, you might find some or all of your house blown down with no way to repair the damage.
Earthquakes and Land Movement
Homes in locations like southern California or that are near volcanoes need earthquake insurance coverage to protect against damage caused by earthquakes. Otherwise, a home could become a total loss. Land movement, including mudslides and landslides, likewise requires additional coverage to avoid total losses.
Replacement vs. Market Value
Many homeowners anticipate their homes increasing in value, but that does not always happen. The same goes for their personal belongings. You can ensure full repairs or replacement by obtaining replacement coverage for your home or your items inside and avoid a potential shock if the market value is lower than you anticipated and your insurance payout is less than you need for repairs or replacement.
Falling Objects
Do you have a lot of trees on your property or one or more trees situated near your home or another structure? If the wind blows it over or maybe a heavy branch falls and causes a lot of structural damage, then you would need insurance that protects against damage caused by falling objects. Even something as rare as a meteorite might strike your home, which insurance against falling objects should cover.
You can call us to learn about the best homeowners insurance protection for your family home and to get quotes from several of the nation’s leading home insurers.